This invention generally pertains to a parachute reefing/release device. Generally, it is common to use parachutes as a submunition orientation and stabilization device for low altitude delivery of tactical munitions. The problem with using parachutes in this manner is their inability to effectively penetrate foliage. This greatly reduces weapon effectiveness. The addition of a parachute reefing/release device is a means of accomplishing greater submunition foliage penetration. This is so because a parachute reefing/release device reduces the effective parachute drag area. The release function completely rids a submunition of the parachute attachment while the reefing function allows the parachute to follow the submunition upon release by means of a line from the parachute to the submunition. Because there is less exposed parachute area, the chance of the submunition becoming entangled in the foliage is greatly reduced.